How to Close Your Business

Mar 18, 2021

Topic: Closing Business
Time Investment: 10 minutes
Suggested Product: Copyright Transfer Agreement

Deciding to close your business can be a stressful but needed choice.

Here is a high-level checklist to help you walk step-by-step to wrapping up your business affairs.


  • Protect the intellectual property

Make sure to transfer all intellectual property from entity to yourself personally - this includes photographs, logos, etc.  - Use this document and keep on file 


  • Dissolve with your jurisdiction

If you created a corporation, limited liability company or filed a doing business as/fictitious name/assumed named, you will need to file with the governing jurisdiction.

Sole proprietors created with doing-business-as/fictitious name/assumed named certificates are often done at the local city/county.

Corporations and limited liability companies are typically dissolved through dissolution documents and a fee filed with the state.


  • Close your EIN- Employer Identification Number

If you secured an employer identification number (EIN), you'll need to close your business account with the Internal Revenue Service (IRS).

View the IRS steps here

  • File any remaining state/city taxes


  • Close your sales tax account


  • Calender to file remaining federal income tax the following year


  • Optional: Alert clients of closing and sell any remaining digital files/products


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